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Webull has signed a 10-year lease for 41,781 square feet at 140 Broadway, expanding the online investment platform’s New York office footprint as it prepares to relocate within Manhattan’s Financial District.
Commercial Observer reported the transaction Monday, citing tenant brokerage Colliers. The publication said Webull will take the entire 41st floor and part of the 40th floor of the office tower, moving from 44 Wall Street.
The asking rent was not disclosed, and the report did not establish when the move would occur. The lease’s ten-year term is a commitment for future occupancy, not evidence that Webull has already moved its staff.
A larger office, not a disclosed hiring target
Colliers described the move as an 81% expansion in Webull’s footprint, according to the report. That refers to office space. Neither that figure nor the size of the new lease establishes how many employees the company will add or whether every part of the space will be occupied immediately.
Webull operates an online investment and brokerage platform. Its office decision adds a financial-technology tenant to a building long associated with Lower Manhattan’s traditional financial-services market.
Robert Gallucci of Colliers represented Webull, Commercial Observer reported. He said in a statement quoted by the publication that the goal was to find room the company could grow into, based on its priorities and expected direction. The statement describes the tenant’s planning; it does not supply a timetable for staffing growth.
A Financial District relocation
The landlord, identified in the report as 140 BW LLC, was represented by Newmark’s Dan Appel and Hal Stein. Commercial Observer said the building’s other tenants include public-relations firm Zeno Group and the Wallace Foundation.
Completed in 1968, the tower is known for the red cube sculpture by Isamu Noguchi outside its Broadway entrance. The lease keeps Webull in the same broad downtown office market rather than taking it to a different borough or out of New York.
The publication cited a Lower Manhattan average asking office rent of $64.88 a square foot in Colliers’ third-quarter research. That market average is not Webull’s agreed rent, and it cannot be used to calculate the company’s lease cost. The transaction’s financial terms and the relocation date remain undisclosed.
JBizNews Desk | New York
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